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 “How do you balance that against not draining too much of the players’ funds and making sure that it has the stickiness, and that we’re not pushing players away, but encouraging them to come back?” he asks. “That really is the science.”

For Splash Tech, optimisation means protecting a safe and enjoyable experience while giving operators the opportunity to increase gross gaming revenue. “Getting that balance right is why we exist, really,” Wilson says.

These are not capabilities that Splash Tech intends to begin developing now the acquisition has completed. Its products are already live with recognised operators including ComeOn, while a number of its free-to-play relationships are entering their fifth year.

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The research, published by The Intercept Brasil on Monday, analysed more than 55,000 Instagram accounts and cross-referenced the results with the official list of authorised operators from the Secretariat of Prizes and Bets (SPA).

According to the survey, the problem arises when a user follows a single account related to betting. The platform’s recommendation system then starts showing other profiles in the same segment, including betting sites, influencers and specialised pages.

Among the 100 most recommended profiles are accounts that, together, have accumulated more than 6 million followers and 114,000 posts. There are three main types of profiles recommended by Instagram: operators, content creators and media specialising in the betting market.

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Entain sits somewhere between the two models. It has significant international scale and a valuable stake in BetMGM, but also more debt and greater exposure to UK taxation, as well as general regulatory turbulance across Europe.

The four analysts arrive at much the same broad conclusion, albeit by different routes.

For Birkin, the share-price decline has gone well beyond the deterioration in earnings expectations. Fantini sees the industry’s great growth phase as largely behind it. Beynon’s focus is on what the market can see today: earnings and cash flow, rather than promises of future sportsbook growth. And for Robinson, the weakness is no longer simply a matter of valuation. It is increasingly showing up in the fundamentals themselves.